Bitcoin’s open interest has decreased by 35 % of its highest level ever, which means that the less hedge and speculative trading.
Open attentionand Which tracks the total number of suspended contracts at any time, decreased from 57 billion dollars when BTC ATH reached 24.5 billion dollars today. This means that the market engine closes uncertainty or leverage.
Digital assets are now trying to restore momentum after the last sale pressure. Although ATH hit more than $ 109,000 in January, Bitcoin struggled to restore 90,000 dollars.
Bitcoin is struggling to restore important price levels
Bitcoin is trying to break above the resistance level of $ 90,000 in the past two weeks. This follows his failure to stay up after reaching his highest level ever.
This puts huge pressure on BTC, which led to speculation if the last round of the bull has been completed or if another gathering can see that it rises more than ever.
According to the data provider on the series, this fall comes with open attention amid a total direction to reach liquidity on the chain.
The relaxation of the long bias from the cash and pregnancy trade, as traders earn money on the difference between the prices of breaks and futures, also contributed to the declining pressure.
In addition to stress, the boxes circulating on the Bitcoin Stock Exchange (ETFS) are also under pressure and registered external flows, while some CME futures contracts end, which increases the pressure on the price of bitcoin.
Another noticeable transformation is the decrease in “Supply Hot Supply” in BTC – held for a week or less. In the past three months, hot supply has decreased from 5.9 % of bitcoin supplies circulating to only 2.8 %, a decrease of more than 50 %. This indicates that the newly obtained bitcoin currencies are actively traded, which reduces the liquidity of the market.
Bitcoin exchange flows also decreased significantly, moving from 58,600 BTC / day to 26,900 BTC / day – by 54 %. Although this may indicate less pressure for sale, it also means that the demand is weaker, as fewer metal currencies are sent to exchanges Trading.
Bitcoin is preparing to test decisive support levels
BTC is currently trading at 84,001 dollars, and keeps following the important support at $ 85,000. Industry analyst The unknown “TRADER” emphasized that the Bitcoin Uptrend trend is just above this level, and has only closed BTC only.
In addition, the original remains higher than the moving average for 200 days, which is a historic upright index for long -term price.
BTC returns to re -testing about $ 85,000 again. If it rises, analysts expect to move to the resistance area from 90,500 dollars – 92,441 dollars. However, this strong rejection level can maintain a bachelor’s intervention formula for another re -test at 85,000 dollars.
For his part, the encrypted analyst, for his part, reported a possible institutional accumulation. He pointed out that EMA for 30 days from the Coinbase Premium Index is struggling to cross EMA for a hundred days.
This intersection occurred before BTC prices usually; Therefore, the founding players can accumulate Bitcoin. As the flow of institutional demand continues, the BTC price continues to rise, which extends this bull market instead of referring to the top.
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